Medallion Financial Corp., a publicly traded specialty finance company (Nasdaq: TAXI), has launched Medallion Fine Art Inc., to make loans secured by paintings and other works of art. The New York-based division will lend to private art collectors and art dealers.
“The search for unique investment opportunities, a sudden need for funding such as a divorce, debt, or estate taxes, or difficult economic market conditions can lead borrowers to seek financing based upon new or existing art assets,” says Shelley Fischer, who joined Medallion to head the new division.
Also, art dealers can use this form of funding to finance inventory, Fischer says.
“Borrowers can be assured that Medallion Financial Corp. a well-financed publicly traded company with over 70 years of lending experience has a sterling reputation for treating its borrowers fairly and ethically and helping them in their personal and business endeavors,” Fischer said. “Medallion has lent over $5 billion, owns its own bank, Medallion Bank, and is well positioned to provide competitive interest rates.”
Loans based on appraisals will be considered in the range of $500,000 to $5-million for terms of up to three years, Fischer said. “This new segment complements Medallion’s other industry-leading lending operations such as consumer and commercial asset-based lending.”
“This is another great niche for Medallion Financial Corp.,” said Medallion President Andrew Murstein. “We have built our business by uncovering areas that banks have not focused on where we can get above average returns and have minimal risk”.
Previously, Fischer was senior lending officer and senior vice president at Sotheby’s Financial Services, Inc. for approximately 20 years.
Fischer received an M.A. summa cum laude from New York University (NYU), a licence ès lettres from the Université de Paris VIII and earned her CFP® (Certified Financial Planner) designation in 2000 after completing coursework at NYU.
Fischer is a member of leading finance and art organizations such as Financial Planning Association, 85 Broads, ArtTable and POWArts, and regularly lectures on art and finance.u